In a recent development, Findwhosabi News has obtained the latest Dollar to Naira exchange rates for today, November 30, 2023. This information encompasses both the official rates, as provided by the Central Bank of Nigeria (CBN), and the rates from Bureau De Change (BDC).
Official Exchange Rate: According to data released on the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦805.83 per dollar on Wednesday, November 29, 2023, and closed at ₦831.47 per $1 on the same day.
Black Market Rates: Despite the CBN’s announcement regarding the unification of all segments of the foreign exchange market, the Naira is currently trading as high as ₦1,155 per Dollar in the black market.
CBN’s Measures for Unification: The Central Bank of Nigeria, in a circular dated June 14, 2023, declared the collapse of all FX windows into the Investors and Exporters (I&E) window. This move aimed at streamlining the foreign exchange market and ensuring uniformity.
Key measures outlined in the circular include the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, the proscription of trading limits on oversold FX positions, and the re-introduction of order-based two-way quotes with a bid-ask spread of N1. Additionally, the operational hours for trades were set from 9 a.m to 4 p.m, Nigeria time.
Implications for the Naira: These operational changes signify a shift in Nigeria’s control of the Naira, allowing the local currency to float freely. A free-floating exchange rate occurs when the government permits market forces to determine the exchange rate without intervention from the central bank.
The apex bank has assured further communication on operational changes to authorized dealers and the general public in due course. Findwhosabi News will continue to monitor and provide updates on the evolving situation in Nigeria’s foreign exchange market.